AMERICAN PRODUCTION.

New Zealand Herald, Volume LVI, Issue 17125, 2 April 1919, Page 14

AMERICAN PRODUCTION.

J MARKETS DULL AND FALLING. 1 FREIGHTS AGAIN REDUCED. • Reviewing the conditions in regard to - metals and other commodities, Messrs. :-. John Dunn, Son and Co., of New York, ( ? vrite under date February 8; - '-'■■ Reduced production owing to lack of ■ ( rders is in a word the etorv of tho iron ; 'id tfteel industry. The resale of Governi .ent-owned good's, the reluctance of Eel]cr«i to accept lower prices, the necessity fir extensive renewal? and repairs in many 1 ! the plants, and the feelinp on the part (i buyers that prices must decline further • ' in the near future, art some of the reasons .' i>i the present dullness, which is in such j ; Marked contrast to the straining for fche j '• ! st possible ton of production that has - ieen the rule for several years. Lower; ~ 1 rices are in evidence all along tho line, j '.' 'toraestic consumers seem to prefer hand j " 1.1 mouth buying until the future is clearer, : ; iid expert, demand is lagging Altogether j " i seems probable that the present dullness j '• \ ill last for several months witha gradual J .digging of prices, and with buying con- 1 fned -very largely to immediate require-1 rents, This delay will perhaps allow for I the di-tribution of goods bought at high j trices, and in the end prove beneficial. | " The producers of raw copper have at last, abandoned their attempt to maintain the r 1 rice oi Hid per pound for domestic busi- . ■? ness. The reduction to 9d recently an'l .ounced has resulted in large transactions, ; ; :,nd it seems likely that this price or i, tliereabouts wiil stand for some time, j J i'normous supplies of copper have been ; '«- accumulated both here and abroad for % .aiing munitions, and, of course, now | '" - orao into eight as part of the world sup- 1 "ly. Mills are now anxious for orders lor | .ill forms of manufactured poods. . 1 There has been a decided fall in the! -.rice of cotton, and great disappointment \-i felt that exports have not increased as much as was'expected. Attention is being directed to the prospective acreage of the • next crop, which it is said will be large,! although the usual campaign is in cvi- •- »lcnce to induce farmers to plant more - crain and less cotlton. This propaganda | «■ .as never been very effective in the past. j 2 ,:.-, each planter has seemed to consider it 1 * 'est to ittt some one else do the curtailing *- .ihiie he avails himself of the higher -- pi ices. .". The market for cotton fabrics continues 2 ■ scpptionally q;riet, # busineas possible " nlv as concessions are made by sellers. >' irastic downward revisions have been - .'! ride in prices. The condition of the growing crops con- , -. 1 iiraes favourable, and predictions of an ' ! norm.-»is wheat crop are current, with the ; ' present visible supply at 130,613.000 : 'ju?he-s compared with onlv 13,869.030 a j '£ v«ir jigo. Tip Gnvcrnment is planning : •, an appropriation of £200,000,000 that it " •-• mav have funds to maintain its guarantee '-' l-i the farmers ol C's 2d a bushel. It is not '. thought that the consumer will bci obliged ; £ to pti> this price ir case of a world-wide I ( " '"all in values, but lhat tho Government ( " 'fill directly stand the loss. That this loss i '•ii' be considerable seems probable, as the I indications are for a crop of at least! ; ,000.000 bushels. ! About January 10 reductions in rates of i freigit to Australia and New Zealand ■ '•.ere made, and early in February further I \ery drastic reductions were put in force. I ':'o-day's rates by s'.earacr are for un- ! kicked steel, £3; steel packed in cases,! • rates, etc.. £3 12?: general cargo, £6.1 .I] pur ton of 40 cubic feet, or '2240 I . •icunds, ship's option Tonnage on benih - •■, amply sufficient. There seems no reason - (~ suppose that there will bo Any difficulty J i.i forwarding'goods for some time to 1 ■ ime. Shipments by sailer will from pre- '. ■■•it indications stop after vessels now '•;&ding have cleared. The sailincr vessels [ ! ,a3in?-Tn New York are having difficulty j in sect: ring car^. '